Global crude futures rose by more than $1/bbl

February 21/2011

(ICIS) -- Global crude futures rose by
more than $1/bbl (?0.73/bbl) on Monday because of worries over supply
disruptions from Libya, analysts said on Monday. The crude surge was likely to
continue amid lingering concerns over the spread of political unrest in the
Middle East and further monetary tightening by China, they added.

Brent crude futures were up by $1.19/bbl at $103.71/bbl, while WTI crude
rose by $1.15/bbl to $87.35/bbl at 12:20 hours GMT on Monday, ICIS data
showed.

The hike was fuelled by concerns over the protests in OPEC member Libya,
where crowds called for the country’s veteran leader, Col Muammar Gaddafi, to
step down.

Anti-government protestors on Sunday rallied in the Libyan capital,
Tripoli, seizing military bases and weapons as army units defected to the
opposition, according to media reports.

Libya has the largest proven oil reserves in Africa, with 44bn bbl as of
January 2010, according to the US Energy Information Administration.